How to buy Banano from Coinex with the lowest fees

By Crypto4JP | BananoBlog | 27 May 2021


What is Banano?

 

Why not just put money onto Coinex and buy Banano? Why not just send USDT from an exchange?

There are fees for depositing money onto Coinex, same with transferring USDT.  In this demonstration I will use Algorand and Coinbase Pro, but there are other cryptocurrencies which are cheap to transfer (XLM comes to mind) and exchanges out there.  However, make sure that you check which cryptocurrencies are currently available for deposit on Coinex.  Also note that you need at least 5 Algorand to be able to sell it for USDT on Coinex.  

 

Step 1.  Get Algorand from Coinbase Pro.

Buy Algorand from Coinbase Pro.  Go to https://pro.coinbase.com/ and log in with your coinbase details. If you do not already have a coinbase account you will need to sign up for one.

Search for Algorand and choose ALGO-USD.

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Place your order.

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Notice that the fees for the transaction above are $0.50 for $100, or 0.5%. You can also choose to get less than $100 worth and the fees scale down.

 

Contrast with with Coinex, which has a minimum of $100, as well as fees starting at 4%.

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Step 2.  Send Algorand from Coinbase to Coinex.  

Go to Coinex.

First, click Assets, then click Deposit

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Select Algorand from the drop down menu.

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Then click Copy address

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Go back to CoinbasePro.  Click on Portfolios and click Withdraw.

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Select Algorand from the drop down menu

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Choose crypto Address.

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Send the Algorand to the Coinex address.

 
Step 3.  Turn Algorand into USDT

 

Go to Assets, then click Spot Account

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search for ALGO in the search box, then click exchange

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choose ALGO/USDT

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For our purposes, we are going to do market sells here.

Click Market

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Pull the slider all the way to the right and click Sell ALGO

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Now you should have the equivalent in USDT

 

Step 4.  Buy Banano

 

Go back to Spot Account.  This time, search for BAN in the search bar, then click exchange, then click BAN-USDT

Now you can choose to either do a Limit Order or a Market Order.

For a Limit Order, you set the price per BAN and the amount of BAN you want to buy.

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For a Market Order, it buys it at the market price.  You may be able to save money by doing a limit order, but there is also the possibility that your order might not go through due to the price increasing.

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Slide to the right and click Buy Ban.

 

Step 5.  Get a wallet and secure your Banano.

 

It's a mantra because it's true: Not Your Keys, Not Your Crypto.  Both Kalium and BananoVault are good. Since BananoVault is for desktop, that's what we will use.

In a new window or tab, go to https://vault.banano.cc/

Click CREATE A NEW WALLET

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Now create a new wallet.  Best practice is to write down your seed phrase on paper and store it in a secure location.

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Now you have a wallet!

Ok, back to Coinex.  Go to Assets and click Withdraw.  Select BAN from the drop down menu.

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Switch back to BananoVault and click Accounts.

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You can copy your account address with the little square to the right of your address.e3565b830ba40ce51c5c10b450923e8737e8552f49191eeab665cc7d07ec4303.png

Past your address into Coinex and click All

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Click Submit. You will get a text with a verification code.  Put it in, and you will get an email asking for authorization.  Authorize the transfer.

Now, go back to your wallet and click Receive.

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Go to the pending transfer and click RECEIVE

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You're done! Your Banano is safe and ready to be used however you would like.

 

 

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Please consider using my affiliate links below, I would be very grateful :)

CoinEx: https://www.coinex.com/register?refer_code=ctxnm

Coinbase: https://www.coinbase.com/join/difran_9s

Nanogames (Please gamble responsibly): https://n-9g1m9xd.nanogames.io/ 

 

 

 

 

 

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Crypto4JP
Crypto4JP

Trying to figure out this whole crypto thing, learning more each day.


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